Cod Liver Oil Market Assessment, By Source [Atlantic Cod, Artic Cod, Others], By Application [Dietary Supplements, Pharmaceuticals, Nutraceuticals], By Form [Liquid, Soft-Gels, Capsules and Tablets], By Distribution Channel [Online, Offline], By Region, O

Cod Liver Oil Market Assessment, By Source [Atlantic Cod, Artic Cod, Others], By Application [Dietary Supplements, Pharmaceuticals, Nutraceuticals], By Form [Liquid, Soft-Gels, Capsules and Tablets], By Distribution Channel [Online, Offline], By Region, Opportunities and Forecast, 2017-2031F

Global cod liver market is projected to witness a CAGR of 6.86% during the forecast period 2024-2031, growing from USD 101.6 million in 2023 to USD 172.72 million in 2031. The market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years.

Major factor driving the growth of the cod liver oil market is the health benefits consumers gain from its consumption, since it is a rich source of Vitamins A and D and has omega-3 fatty acids and other nutrients such as EPA, DPA, and DHA, helping in reducing inflammation, improved bone health, reduction in joint pain, and improvement in symptoms of rheumatoid arthritis, supporting eye health since it is high in Vitamin A, minimizing the risk of heart diseases due to presence of omega 3, improvement in depression and anxiety symptoms, and helping in reduction of gut ulcers and foster the healing of stomach.

Other factors that drive the market are awareness of consumers of the nutrients present in liver cod oil and the benefits from its consumption, the rise of chronic diseases, the advancement of extraction techniques, infusions in cosmetics, and health-promoting characteristics.

For instance, Thai Union announced a 50% acquisition of Icelandic cod liver oil manufacturer Arfir Seafood Company in November 2022. Thai Union said that Aegir's supply of premium products has enabled King Oscar and Rügen Fisch to grow their cod liver business and enter new markets, which respond very well to the cod liver produced in Iceland. Thai Union believes that 50 percent acquisition of Aegir, they expect to grow more in the market.

Atlantic Cod to Dominate the Market

The Atlantic cod liver oil dominates the market over other cod liver oils since it is popular for its purity. It is sourced from the Norwegian Coast’s cold and pristine water which contributed to its high quality, making it a preferred choice among the consumers.

Osavi announced the launch of a new line up of premium quality Norwegian Cod Liver Oil + D3, in March 2023. The oil has been produced in Norway from the wild Atlantic Cod, sourced from sustainable fishing practices. It appeals to the consumers as it is a highly digestible oil that contains an optimum level of essential unsaturated fatty acids and vitamins. The cod liver oil by the company is available for both adults and kids. The product comes in the packaging of 250 mL liquid, containing 1000 mg of Omega 3. It has been launched in natural lemon flavor. The product contains high amount of vital unsaturated fatty acids like DHA and EPA. Thus, the product helps in maintaining the normal vision, normal functioning of heart and maintenance of normal brain functions which induces the consumers to demand the product more.

Healthy Lifestyle and Well-being Acting as a Catalyst

Cod liver oil contains various nutrients and rich sources like omega 3, vitamins and other nutrients which promote well-being of the consumers.

It helps in lowering blood pressure and minimizes the hazards of developing cardiovascular disease since it has some content of omega 3 fatty acids in it. The presence of Vitamin D and omega 3 helps combat the risk of cancer. Additionally, it has therapeutic benefits of Vitamin A on skin and tissues, mucous membranes, and boosting immunity to promote healing and maintaining health.

True Westfjords, an Icelandic cod liver oil manufacturer announced the launch of its latest offering Dropi cod liver oil in May 2022, which is extracted by the techniques recreated from the Scandinavian nation’s Viking settlers’ cold process extraction techniques. To retain the popular health benefits, the company formulated this extra virgin cod liver oil in its rawest form, keeping it 100 percent pure and natural. The one serving of 5 mL of cod liver oil contains 130 mcg of Vitamin A, 13 mcg of vitaminD3, and 1,200 mcg of omega-3 fatty acids. This helps in promoting the health and well-being of the consumers.

Innovation in Taste and Formulations is Gaining the Popularity

Innovations in taste and texture play a crucial role in the wider acceptability of cod liver oil, driving its demand in the market. People refrain from consuming these supplements due to the harsh smell and taste of the oil. The innovation in the taste and texture tones down the harsh traditional taste and pungent smell, which makes it easier for consumers to consume it daily.

EO3, a brand of Feliscity Nutrition, Inc. announced the launch of its latest innovation, in April 2022, a berry smoothie made from pure Norwegian Cod liver oil. The unconventional flavor was added to the cod liver oil by the company to make it more palatable and deliver the nutrients at the same time. The multi-nutritional smoothie contains 1600 mg of omega 3, naturally rich antioxidants from berries, and 20 g protein which helps in relieving inflammation and boosting the immune system. The product is free from fishy burps and smells, unlike omega-3 soft gels. The product is free from any added sugar, preservatives, or gluten. It has tetra packaging which contains more content of omega-3 than a salmon filet and more antioxidants than found in an apple. Thus, it is a rich source of nutrients without any compromise on taste and flavors.

Supplements for Animals to Gain Growth

Cod liver oil is beneficial for humans as well as for animals. The cod liver oil has various positive effects on pets such as the development of brain and cognitive functioning, building an immune system to fight infections and illness, and lowering blood pressure to improve blood circulation, thus, promoting overall well-being in animals.

EverRoot, a brand powered by Nestle Purina, announced its partnership in December 2023 with Laila Ali, to introduce its newest form of dog supplements, named EverRoot Dog Supplements Soft Chews. The supplements are a blend of wild Alaskan cod and salmon. Thus, these soft chew dog supplements provide health benefits to the dogs like supporting their immunity by promoting healthy digestion, ease in joint stiffness, and promoting skin health. Pet parents prefer to provide additional nutrition to their pets apart from the normal diet, customized to their specific tastes. The brand has a competitive edge over other brands as it sources the finest and highest quality ingredients from the world, including the cod from marine stewardship council certified fisheries. These supplements are available for consumers through both online and offline channels for USD 24.99.

Future Market Scenario (2024 – 2031F)

Cod liver oil is essentially popular among consumers due to its benefits in curing health issues like minimizing the risk of osteoporosis, reducing inflammation, minimizing in risk of autoimmune diseases, help in alleviating symptoms of psoriasis and eczema. Witnessing the health benefits of cod liver oil by providing additional supplements, more trials are being conducted to expand the applications of cod liver oil. The trials have been conducted to test the applicability of cod liver oil in chronic wound healings such as diabetic ulcers, venous ulcers, and multiple other etiologies.

Key Players Landscape and Outlook

Key players in the global market of cod liver oil are helping in the growth of the market by focusing on continuous product innovation, retail expansions, and strategic marketing. The manufacturers are actively expanding their product portfolio, increasing the base of the customers and catering to their evolving needs.

In May 2022, Wiley’s Finest LLC announced the launch of its latest addition, Cod Liver Oil Plus which is a MSC certified omega 3 containing lutein, zeaxanthin, and vitamins D3 and E. The product is formulated to enrich the cognitive abilities in an adult. The inclusion of lutein and zeaxanthin helps in maintaining the over-all wellness of the consumers. The company combined nutrients like EPA and DHA omega-3 for higher brain and cellular support. The product is a perfect dietary supplement which is a naturally flavored liquid. The product comes in the packaging of 125 mL and has 25 servings. It can be an ideal choice for the consumers who want to take additional supplements to improve the quality of their life.